Overview
- Varo resigned from the board of Telefónica Audiovisual Digital (Movistar+) and from the advisory board of Telefónica España.
- He personally informed Telefónica president Marc Murtra and Movistar+ head Javier de Paz of his decision this week.
- The Andalusian investor says he will concentrate on private projects tied to leisure, real estate and tourism, many based in southern Spain.
- He remains an individual investor with roughly three million Telefónica shares, which he has not sold.
- His exit comes during a broader restructuring under the Transform and Growth plan, alongside recent leadership changes and a cost‑cutting ERE.